Oil markets down by 50 cents on larger-than-expected crude build

24 March 2010 14:57  [Source: ICIS news]

LONDON (ICIS news)--The oil markets fell by about 50 cents on Wednesday, adding to earlier losses, when this week’s US stock figures showed a much larger than forecast build on crude which initially outweighed larger than expected draws on products.

May NYMEX light sweet crude futures fell from around $80.40/bbl before the figures from the Energy Information Administration (EIA) were published to hit a low of $79.88/bbl, a loss of $2.03/bbl from Tuesday’s close.

However, it then regained ground on the back of the product draws and at 14:40 GMT, May NYMEX crude was trading around $80.80/bbl, down $1.11 from Tuesday’s close of $81.91/bbl.

On ICE Futures, May Brent also lost ground, falling from around $79.30/bbl before the figures were published to hit a low of $78.90/bbl. At 14:40 GMT, May Brent was trading around $79.70/bbl, down $1.00 from Tuesday’s close of $80.70/bbl.

Analysts’ predictions for this week’s figures were that they would show a build on crude stocks of about 1.5m bbl, but draws on distillate of around 1.0m bbl and on gasoline of around 1.3m bbl.

The American Petroleum Institute (API) figures were published late on Tuesday.

US Stocks

(million bbl)

w/e 19.03.10





EIA

Change

API

Change

Crude

351.3

+7.3

351.5

+7.5

Gasoline

224.6

-2.7

226.0

-0.1

RFG

1.0

+0.2

1.0

n/c

Distillate

145.7

-2.4

148.5

-2.5

Heating Oil

40.7

+0.3

40.7

n/c

Jet Kerosene

43.0

n/c

43.3

+0.5


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By: Tony Dillon
+44 20 8652 3214



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